ORBCOMM (ORBC) Prices 3M Share Common Offering at $8.60/Sh

April 6, 2018 9:30 AM EDT
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Price: $11.30 +0.09%

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ORBCOMM Inc. (NASDAQ: ORBC) announced today that it priced its underwritten public offering (the “Offering”) of 3,000,000 shares of its common stock, par value $0.001 per share, at a price of $8.60 per share. In connection with the Offering, ORBCOMM has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares. ORBCOMM is offering all of the shares and will receive all the net proceeds of the Offering. The Offering is expected to close on April 10, 2018, subject to customary closing conditions.

ORBCOMM intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, future acquisitions as part of its strategy to pursue growth opportunities, debt repayment, stock repurchases, working capital and/or capital expenditures. Net proceeds may be temporarily invested before use.

Raymond James & Associates, Inc. and Canaccord Genuity LLC are acting as book-running managers for the Offering.

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